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Final EU Hedge Fund Rules Omit Most AML Requirements
By Brian Monroe
printIt took over a year of negotiations but plans to impose EU anti-money laundering rules on U.S. hedge funds and private equity firms have officially been dropped, according to a European directive adopted Thursday. The EU Parliament voted 513 to 92 to impose systemic compliance controls on alternative investment fund managers operating in Europe or soliciting European clientele. The directive requires the companies to disclose more information about their investment strategies, meet capital requirements and limit asset stripping. Absent from the measure are plans initially proposed in April 2009 that would have required non-EU hedge funds and private equity groups...
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